FTC Facebook penalty

Federal Trade Commission chairman Joe Simons told Bloomberg he’s willing to break up the major US tech firms if necessary, the first sign that US regulators might take drastic action against Silicon Valley.
“It’s not ideal because it’s very messy. But if you have to you have to,” said Simons.
The FTC is currently investigating Facebook over antitrust concerns.
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The chairman of the Federal Trade Commission has sounded a warning bell, saying he’ll break up big tech companies if he has to.

FTC chairman Joe Simons told Bloomberg in an interview on Tuesday that breaking up over-dominant tech companies could be an option.

“If you have to, you do it… It’s not ideal because it’s very messy. But if you have to you have to,” he said, according to Bloomberg.

It’s the first major indicator that the FTC is weighing any such action. The regulator is currently investigating Facebook over antitrust concerns, and while Simons didn’t give any further details, he did mention one of Facebook’s most successful acquisitions — Instagram.

The FTC approved Facebook’s $1 billion acquisition of Instagram in 2012, in a move that is now considered to have pre-emptively scuppered a potential competitor. Instagram was becoming …read more


Source:: Businessinsider – Tech

      

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